Media conglomerate Time Warner said on Monday it will spin off its AOL unit to shareholders on Dec 9, nine tumultuous years after one of the most disastrous corporate mergers in history, reports Reuters. Time Warner shareholders of record on Nov 27 will receive an AOL stock dividend for every 11 shares of Time Warner common stock they hold, a ratio that would effectively value AOL’s market cap at around $3.44bn. At its peak, the company was valued at $240bn.
(Corrected to fix headline)